Two years have elapsed since the historic land fever period, but the Da Nang land market has still not revived.

Golden Hills project

The land price showed signs of recovering in early 2020, but it was beaten by Covid-19 and has been falling again dramatically.

Many land plots had seen prices increase by twofold earlier this year compared with August 2019, until the Covid-19 outbreak. But prices have decreased again to the previous levels.

The land prices in many urban areas have decreased by VND1 billion per plot. In Hoa Xuan Ecological Urban Area in Cam Le district and Nam Hoa Xuan Urban Area in Ngu Hanh Son, the price has fallen from VND4 billion per plot in peak days to VND3 billion.

In FPT City, a 90 square meter land plot was priced at VND3 billion in hot days, and is now being offered at VND2 billion.

H, a woman, who is seeking buyers for a series of land plots under projects around the city, said the land is now cheap compared to earlier this year.

She is offering a 125 square meter land plot in B area of Golden Hills project, next to a school, at VND2.2 billion. The same land plot was priced at VND2.7 billion last year.

H said she is offering such a low price because the land market has been frozen for many months.

“The prices moved up a little after Tet and then have dropped since then,” she explained.

Even with the price decreases, there have been very few transactions. People don’t want to buy land right now, because they believe that prices will continue going down. Meanwhile, speculators are trying to sell land as quickly as possible, but cannot find buyers.

H.A.D., an investor from Hanoi, said she bought three land plots in early 2019, when the market was ‘scorching hot’ with borrowed money. Now she wants to sell the land at a loss to get money back to pay debts.

A real estate expert in Da Nang said the land prices began falling after the news that an officer at the land registration office in Son Tra had been prosecuted for losing people’s red books (land-use right certificates).

The expert believes that the market will still be frozen until Covid-19 is controlled. Buyers who have witnessed a lot of ‘price waves’ recently will be more cautious with their investment deals.

DKRA Vietnam, a market analysis firm, confirmed that in the first seven months of the year, the real estate market in Da Nang witnessed sharp falls in most market segments because of the pandemic. 

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